$375M loan granted for power projects in Iraq
International Finance Corporation (IFC), a member of World Bank Group, has granted $375 million in financing to an Iraq-based power company Mass Global Energy Sulimaniya to fund the development of power projects and energy infrastructure in Iraq.
The funding will be used by the firm to add 500 MW of capacity to a 1,000 MW power plant in Kurdistan, which is expected to meet the power needs of 3 million people.
Mass Global Energy will also use the debt and equity package to complete a new power plant near Baghdad that will have a capacity to meet about half of the electricity needs in the capital city.
According to IFC, the country is required to increase its power generating capacity by 70% to meet current demand.